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Finward Bancorp operates as the holding company for Peoples Bank that provides various banking products and services. The company's deposit products include non-interest- and interest-bearing demand accounts, savings accounts, money market deposit accounts, certificate accounts, and retirement savings plans. Its loan portfolio comprises residential mortgage loans that enable borrowers to purchase existing homes, refinance existing homes, or construct new homes; construction loans primarily to individuals and contractors; commercial real estate and multifamily loans; consumer loans to individuals for personal, household, or family purposes; home equity line of credit; home improvement and equity loans; commercial business loans; government loans; and loans to municipalities. The company also offers estate and retirement planning, guardianships, land trusts, profit sharing and 401(k) retirement plans, IRA and Keogh accounts, and investment agency accounts, as well as acts as personal representative of estates, and trustee for revocable and irrevocable trusts. In addition, it provides insurance and annuity investments to wealth management customers; holds security investments and real estate properties; and operates as a real estate investment trust. The company was formerly known as NorthWest Indiana Bancorp and changed its name to Finward Bancorp in March 1994. Finward Bancorp was founded in 1916 and is headquartered in Munster, Indiana.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $66M | - | $8M | $9M | 4.6% | -7.1% | -33.3% |
| 2024 | $71M | - | $12M | $7M | 8.0% | 8.9% | 44.7% |
| 2023 | $65M | - | $8M | $23M | 5.7% | -17.0% | -44.4% |
| 2022 | $79M | - | $15M | $15M | 11.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 78.66 | 65.30 | 71.09 | 66.04 |
| Pretax Income | 16.56 | 8.04 | 13.46 | 8.11 |
| Tax Provision | 1.48 | -0.34 | 1.32 | 0.02 |
| Net Income | 15.08 | 8.38 | 12.13 | 8.09 |
| Net Income Common Stockholders | 15.08 | 8.38 | 12.13 | 8.09 |
| Interest Expense | 4.89 | 31.23 | 40.73 | 35.02 |
| Interest Income | 72.03 | 85.78 | 89.18 | 91.76 |
| Selling General And Administration | 32.12 | 30.50 | 30.33 | 32.09 |
| Normalized Income | 16.46 | 8.17 | 1.61 | 8.14 |
| Basic EPS | 3.61 | 1.96 | 2.85 | 0 |
| Diluted EPS | 3.60 | 1.96 | 2.84 | 0 |
| Tax Effect Of Unusual Items | -0.14 | 0.06 | 1.14 | 0 |
| Tax Rate For Calcs | 0.09 | 0.21 | 0.10 | 0 |
| Total Unusual Items | -1.52 | 0.26 | 11.66 | -0.06 |
| Total Unusual Items Excluding Goodwill | -1.52 | 0.26 | 11.66 | -0.06 |
| Net Income From Continuing Operation Net Minority Interest | 15.08 | 8.38 | 12.13 | 8.09 |
| Reconciled Depreciation | 5.97 | 7.16 | 7.29 | 6.19 |
| Net Interest Income | 67.15 | 54.55 | 48.45 | 56.74 |
| Net Income From Continuing And Discontinued Operation | 15.08 | 8.38 | 12.13 | 8.09 |
| Diluted Average Shares | 4.19 | 4.28 | 4.27 | 0 |
| Basic Average Shares | 4.18 | 4.28 | 4.26 | 0 |
| Diluted NI Availto Com Stockholders | 15.08 | 8.38 | 12.13 | 8.09 |
| Net Income Including Noncontrolling Interests | 15.08 | 8.38 | 12.13 | 8.09 |
| Net Income Continuous Operations | 15.08 | 8.38 | 12.13 | 8.09 |
| Special Income Charges | -1.53 | 0.28 | 0 | 0 |
| Other Special Charges | 0.30 | -0.28 | 0 | 0 |
| Write Off | 1.23 | 0 | 0 | 0 |
| Gain On Sale Of Security | 0.66 | -0.05 | 0.70 | -1.49 |
| Selling And Marketing Expense | 1.91 | 0.84 | 0.80 | 0.79 |
| General And Administrative Expense | 30.22 | 29.66 | 29.53 | 31.31 |
| Other Gand A | 0 | 0 | 0 | 0 |
| Insurance And Claims | 1.23 | 2 | 1.79 | 1.72 |
| Salaries And Wages | 28.99 | 27.66 | 27.74 | 29.59 |
| Operating Revenue | 78.66 | 65.30 | 71.09 | 66.04 |
| Occupancy And Equipment | 6.79 | 6.38 | 8.25 | 8.16 |
| Professional Expense And Contract Services Expense | 1.21 | 4.28 | 5.41 | 4.23 |
| Other Non Interest Expense | 20.44 | 14.07 | 14.16 | 13.65 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Finward Bancorpthis co. | FNWD | $138M | 13.94 | 0.79 | 4.6% | - |
| SelectQuote, Inc. | SLQT | $163M | - | 0.45 | 8.3% | 14.41 |
| ECB Bancorp, Inc. | ECBK | $159M | 15.62 | 0.90 | 4.5% | - |
| Westwood Holdings Group, Inc. | WHG | $159M | 21.19 | 1.12 | 5.6% | 11.63 |
| Patriot National Bancorp, Inc. | PNBK | $153M | - |
| 1.49 |
| -13.4% |
| - |
| Richmond Mutual Bancorporation, Inc. | RMBI | $152M | 12.48 | 1.04 | 7.9% | - |
| SR Bancorp, Inc. | SRBK | $144M | 33.09 | 0.77 | 2.7% | - |
| SB Financial Group, Inc. | SBFG | $133M | 9.70 | 0.92 | 9.9% | - |
| Union Bankshares, Inc. | UNB | $115M | 10.37 | 1.43 | 13.7% | - |
| Peer Median | - | 14.05 | 0.98 | 6.8% | 13.02 | |